Bryn Mawr Bank Corporation (NASDAQ:BMTC) (the “Corporation”),
parent of The Bryn Mawr Trust Company (the “Bank”), today reported
net income of $9.0 million and diluted earnings per share of $0.53
for the three months ended March 31, 2017, as compared to net
income of $9.4 million, or $0.55 diluted earnings per share, for
the three months ended December 31, 2016 and $8.3 million, or $0.49
diluted earnings per share, for the three months ended March 31,
2016.
On a non-GAAP basis, core net income, which
excludes certain non-core income and expense items, as detailed in
the appendix to this earnings release, was $9.4 million, or $0.55
diluted earnings per share, for the three months ended March 31,
2017 as compared to $9.4 million, or $0.55 diluted earnings per
share, for the three months ended December 31, 2016 and $8.3
million, or $0.49 diluted earnings per share, for the three months
ended March 31, 2016. Management believes the core net income
measure is important in evaluating the Corporation’s performance on
a more comparable basis between periods. A reconciliation of this
and other non-GAAP to GAAP performance measures is included in the
appendix to this earnings release.
“With our merger preparation efforts in full swing,
we are pleased to report another strong quarter,” commented Frank
Leto, President and Chief Executive Officer, continuing, “The
uptick in our net interest margin contributed to the increase in
net interest income on both a linked quarter as well as a
year-over-year basis. And while net loan growth for the first
quarter was relatively flat, at $20.2 million, originations were
consistent with prior quarters. Net paydowns totaled $106.7 million
for the first quarter of 2017.”
Mr. Leto also stated, “In keeping with our strategy
of selectively expanding our brand into new market areas, we
recently announced two new initiatives: the anticipated opening of
a new wealth office in Princeton, New Jersey and the expected
acquisition of the Hirshorn Boothby insurance agency in the
Chestnut Hill section of Philadelphia. These initiatives seek to
leverage the branch network we’ll be acquiring in the contemplated
Royal Bancshares acquisition, and will enable us to offer a full
range of financial solutions to the residents and businesses in the
surrounding areas.”
Each of the opening of the Princeton office and the
acquisitions of Hirshorn Boothby and Royal Bancshares of
Pennsylvania, Inc. (“Royal” or “Royal Bancshares”) is subject to
applicable regulatory approvals, and the acquisitions are also
subject to certain closing conditions.
On April 20, 2017, the Board of Directors of the
Corporation declared a quarterly dividend of $0.21 per share,
payable June 1, 2017 to shareholders of record as of May 2,
2017.
SIGNIFICANT ITEMS OF NOTE
Results of Operations – First Quarter 2017
Compared to Fourth Quarter 2016
- Net income for the three months ended March 31, 2017 was $9.0
million, as compared to $9.4 million for the three months ended
December 31, 2016. Contributing to the decrease was a $511 thousand
increase in merger expenses, a $763 thousand increase in salaries
and wages related to annual merit increases, normalization of
incentive compensation and staff additions, and a $583 thousand
decrease in recoveries on mortgage servicing rights (“MSRs”).
Partially offsetting these changes was an increase of $413 thousand
in net interest income, a $768 thousand decrease in provision for
loan and lease losses (the “Provision”) and a $1.2 million decrease
in other operating expenses.
- Net interest income for the three months ended March 31, 2017
was $27.4 million, an increase of $413 thousand from $27.0 million
for the three months ended December 31, 2016. Average
interest-earning assets increased by $28.7 million, with average
loans increasing $37.7 million and average interest-bearing
deposits with banks decreasing $15.6 million. The yield earned on
loans increased by 6 basis points.
- The tax-equivalent net interest margin of 3.74% for the first
quarter of 2017 increased 9 basis points from 3.65% for the fourth
quarter of 2016. The increase was largely the result of a 6 basis
point increase in tax-equivalent yield earned on average loans,
which totaled $2.56 billion for the three months ended March 31,
2017, and a 16 basis point increase in tax-equivalent yield on
available for sale investment securities. The rate paid on
interest-bearing liabilities remained unchanged on a linked-quarter
basis. The impact of accretion of purchase accounting adjustments
for the first quarter of 2017 and the fourth quarter of 2016 was
the same, contributing 11 basis points to the margin in both
periods.
- Non-interest income for the three months ended March 31, 2017
decreased by $21 thousand from the fourth quarter of 2016.
Decreases of $41 thousand and $95 thousand in service charges on
deposits and dividends on bank stocks, respectively, were partially
offset by a $92 thousand increase in loan servicing and other fees
and a $48 thousand increase in insurance revenues.
- Non-interest expense for the three months ended March 31, 2017
increased $1.6 million, to $26.7 million, as compared to $25.1
million for the fourth quarter of 2016. The increase was driven by
the $511 thousand of merger-related expenses incurred as the
Corporation prepares for the merger with Royal Bancshares, a $595
thousand increase in salaries and wages related to annual
increases, normalization of incentive compensation and staff
additions and a decrease in recoveries of MSR impairments, which
were impacted positively in the fourth quarter of 2016 with the
prospect of rising interest rates. Pennsylvania bank shares tax
increased by $868 thousand, however this was offset with a
corresponding decrease in contributions expense, which is reported
as part of other operating expense.
- For the three months ended March 31, 2017, net loan and lease
charge-offs totaled $670 thousand, as compared to $1.3 million for
the fourth quarter of 2016. The Provision for the three months
ended March 31, 2017 was $291 thousand, a decrease of $768 thousand
from the fourth quarter of 2016. The decrease in the Provision was
the result of lower net charge-offs and improving credit quality
metrics which factor into the calculation of the overall allowance
for loan and lease losses (the “Allowance”) requirement.
- Income tax expense for the first quarter of 2017 decreased by
$49 thousand as compared to the fourth quarter of 2016. The
increase in the effective tax rate from the fourth quarter of 2016
to the first quarter of 2017 was primarily the result of certain
non-deductible merger expenses incurred in the first quarter of
2017.
Results of Operations –
First Quarter 2017 Compared to First Quarter
2016
- Net income for the three months ended March 31, 2017 was $9.0
million, or $0.53 diluted earnings per share, as compared to $8.3
million, or diluted earnings per share of $0.49 for the same period
in 2016. Contributing to the increase in net income were increases
of $1.5 million in net interest income and $471 thousand in fees
for wealth management services and decreases of $1.1 million in
Provision, $198 thousand in amortization of intangible assets and
$174 thousand in information technology expenses. Partially
offsetting these changes were decreases of $513 thousand in
insurance revenues and $76 thousand in gain on sale of mortgage
loans, along with increases of $712 thousand in salaries and wages
and $511 thousand in merger expenses.
- Net interest income for the three months ended March 31, 2017
was $27.4 million, an increase of $1.5 million, or 5.8%, from $25.9
million for the same period in 2016. The increase in net interest
income was primarily related to the growth in average loan balances
between the periods. Average loans and leases for the three months
ended March 31, 2017 increased by $247.1 million from the same
period in 2016. The increase in average loan balances was offset by
a 13 basis point decrease in tax-equivalent yield earned on loans
and leases. The net effect of the yield decrease and volume
increase on average loans and leases was a $1.8 million increase in
tax-equivalent interest income on loans. Partially offsetting the
increase in average loans was a $218.5 million increase in average
interest-bearing deposits accompanied by a 14 basis point increase
in rate paid on deposits.
- The tax-equivalent net interest margin of 3.74% for the three
months ended March 31, 2017 was a 13 basis point decrease from
3.87% for the same period in 2016. The primary reason for the
decline in the margin was the 13 basis point decrease in
tax-equivalent yield earned on loans and the 14 basis point
increase in rate paid on deposits. The impact of accretion of
purchase accounting adjustments for the first quarter of 2017 added
11 basis points to the tax-equivalent net interest margin, while
the first quarter of 2016 saw a 16 basis point increase from this
accretion.
- Non-interest income for the three months ended March 31, 2017
increased by $74 thousand from the same period in 2016. A $144
thousand increase in other operating income and a $471
thousand increase in fees for wealth management services, as wealth
assets have increased 26.3% from the March 31, 2016 level, were
partially offset by a decrease of $76 thousand in gain on sale of
residential mortgage loans, as market interest rate increases
reduced origination activity, and a $513 thousand decrease in
insurance revenues related to the recognition of contingent
commissions from providers during the first quarter of 2016, which
are being ratably recognized in 2017.
- Non-interest expense for the three months ended March 31, 2017
increased $1.7 million from the same period in 2016, primarily
related to salary and wage increases of $712 thousand due to
staffing increases, annual salary and wage increases and increases
in incentive compensation, a $511 thousand increase in merger
expenses in connection with the merger with Royal, and a $700
thousand increase in other operating expenses, largely related to
deferred compensation expense associated with the valuation of
Corporation stock held in the deferred compensation
trusts.
- The Provision for the three months ended March 31, 2017 of $291
thousand was a $1.1 million decrease from the same period in 2016.
Net charge-offs for the first quarter of 2017 were $670 thousand as
compared to $422 thousand for the same period in 2016. The decrease
in Provision is indicative of improvements in certain qualitative
factors used to determine the Allowance.
Financial Condition – March 31, 2017
Compared to December 31, 2016
- Total portfolio loans and leases of $2.56 billion as of March
31, 2017, increased by $20.2 million from December 31, 2016.
Loan growth was concentrated in the commercial mortgage segment
which grew by $27.0 million and was partially offset by an $11.8
million decrease in commercial and industrial loans.
- The Allowance as of March 31, 2017 was $17.1 million, or 0.67%
of portfolio loans as compared to $17.5 million, or 0.69% of
portfolio loans and leases, as of December 31, 2016. In
addition to the ratio of Allowance to portfolio loans, management
also calculates two non-GAAP measures: the Allowance as a
percentage of originated loans and leases, which was 0.75% as of
March 31, 2017, as compared to 0.78% as of December 31, 2016, and
the Allowance plus the remaining loan mark as a percentage of gross
loans, which was 1.12% as of March 31, 2017, as compared to 1.17%
as of December 31, 2016. A reconciliation of these and other
non-GAAP to GAAP performance measures is included in the appendix
to this earnings release.
- Available for sale investment securities as of March 31, 2017
were $391.0 million, a decrease of $176.0 million from December 31,
2016. The primary contributor to the decrease in the portfolio was
the maturing, during January 2017, of $200 million of short-term
U.S. Treasury bills.
- Total assets as of March 31, 2017 were $3.29 billion, a
decrease of $128.9 million from December 31, 2016. Increases
in cash and cash equivalents and portfolio loans partially offset
the decrease in available for sale investment securities discussed
in the previous bullet point.
- Wealth assets under management, administration, supervision and
brokerage totaled $11.73 billion as of March 31, 2017, an increase
of $397.0 million from December 31, 2016.
- Deposits of $2.64 billion as of March 31, 2017 increased $56.9
million from December 31, 2016. Noninterest-bearing deposits
increased by $35.4 million, while interest-bearing accounts
increased by $21.5 million.
- Borrowings of $198.3 million as of March 31, 2017 was a $195.6
million decrease from December 31, 2016. The decrease was largely
comprised of short-term borrowings which were repaid at the
beginning of January 2017 in connection with the maturing of $200
million of short-term U.S. Treasury bills.
- The capital ratios for the Bank and the Corporation, as of
March 31, 2017, as shown in the attached tables, indicate levels
well above the regulatory minimum to be considered “well
capitalized.” At the Bank level, all capital ratios have increased
slightly from their December 31, 2016 levels due to the effect of
an increase in retained earnings and a decrease in other
comprehensive loss partially offset by an increase in risk-weighted
assets. At the Corporation level, Tier 1 and Total (Tier 1 & 2)
capital to risk weighted assets declined by 1 and 5 basis points,
respectively, related to an increase in risk-weighted assets and
the decrease in retained earnings associated with the dividend
payment during the first quarter of 2017 which totaled $3.6
million.
FORWARD LOOKING STATEMENTS AND SAFE
HARBORThis press release contains statements which, to the
extent that they are not recitations of historical fact may
constitute forward-looking statements for purposes of the
Securities Act of 1933, as amended, and the Securities Exchange Act
of 1934, as amended. Such forward-looking statements may include
financial and other projections as well as statements regarding the
Corporation’s future plans, objectives, performance, revenues,
growth, profits, operating expenses or the Corporation’s underlying
assumptions. The words “may,” “would,” “should,” “could,” “will,”
“likely,” “possibly,” “expect,” “anticipate,” “intend,” “indicate,”
“estimate,” “target,” “potentially,” “promising,” “probably,”
“outlook,” “predict,” “contemplate,” “continue,” “plan,”
“forecast,” “project,” “are optimistic,” “are looking,” “are
looking forward” and “believe” or other similar words and phrases
may identify forward-looking statements. Persons reading this press
release are cautioned that such statements are only predictions,
and that the Corporation’s actual future results or performance may
be materially different.
Such forward-looking statements involve known and
unknown risks and uncertainties. A number of factors,
many of which are beyond the Corporation's control, could cause our
actual results, events or developments, or industry results, to be
materially different from any future results, events or
developments expressed, implied or anticipated by such
forward-looking statements, and so our business and financial
condition and results of operations could be materially and
adversely affected. Such factors include, among others, our
inability to obtain applicable regulatory approvals with respect
to, or our inability to complete, the contemplated Royal and
Hirshorn Boothby acquisitions and the opening of the Princeton
office, that the integration of acquired businesses with the
Corporation’s may take longer than anticipated or be more costly to
complete and that the anticipated benefits, including any
anticipated cost savings or strategic gains may be significantly
harder to achieve or take longer than anticipated or may not be
achieved, our need for capital, our ability to control operating
costs and expenses, and to manage loan and lease delinquency rates;
the credit risks of lending activities and overall quality of the
composition of our loan, lease and securities portfolio; the impact
of economic conditions, consumer and business spending habits, and
real estate market conditions on our business and in our market
area; changes in the levels of general interest rates, deposit
interest rates, or net interest margin and funding sources; changes
in banking regulations and policies and the possibility that any
banking agency approvals we might require for certain activities
will not be obtained in a timely manner or at all or will be
conditioned in a manner that would impair our ability to implement
our business plans; changes in accounting policies and practices;
the inability of key third-party providers to perform their
obligations to us; our ability to attract and retain key personnel;
competition in our marketplace; war or terrorist activities;
material differences in the actual financial results, cost savings
and revenue enhancements associated with our acquisitions; and
other factors as described in our securities filings. All
forward-looking statements and information set forth herein are
based on management’s current beliefs and assumptions as of the
date hereof and speak only as of the date they are made. The
Corporation does not undertake to update forward-looking
statements.
For a complete discussion of the assumptions, risks
and uncertainties related to our business, you are encouraged to
review our filings with the Securities and Exchange Commission,
including our most recent Annual Report on Form 10-K, as updated by
our quarterly or other reports subsequently filed with the SEC.
Bryn Mawr Bank
Corporation |
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|
Summary
Financial Information (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
As of or For the Three Months Ended |
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
|
Consolidated
Balance Sheet (selected items) |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks |
$ |
69,978 |
|
|
$ |
34,206 |
|
|
$ |
30,118 |
|
|
$ |
20,481 |
|
|
$ |
33,954 |
|
|
|
Investment securities
(AFS, HTM and Trading) |
|
400,360 |
|
|
|
573,763 |
|
|
|
373,508 |
|
|
|
371,906 |
|
|
|
369,461 |
|
|
|
Loans held for
sale |
|
3,015 |
|
|
|
9,621 |
|
|
|
11,506 |
|
|
|
11,882 |
|
|
|
7,807 |
|
|
|
Portfolio loans and
leases |
|
2,555,589 |
|
|
|
2,535,425 |
|
|
|
2,493,357 |
|
|
|
2,423,821 |
|
|
|
2,378,841 |
|
|
|
Allowance for loan and
lease losses ("ALLL") |
|
(17,107 |
) |
|
|
(17,486 |
) |
|
|
(17,744 |
) |
|
|
(17,036 |
) |
|
|
(16,845 |
) |
|
|
Goodwill and other
intangible assets |
|
124,629 |
|
|
|
125,170 |
|
|
|
126,000 |
|
|
|
126,888 |
|
|
|
127,777 |
|
|
|
Total assets |
|
3,292,617 |
|
|
|
3,421,530 |
|
|
|
3,174,080 |
|
|
|
3,090,090 |
|
|
|
3,058,247 |
|
|
|
Deposits -
interest-bearing |
|
1,865,009 |
|
|
|
1,843,495 |
|
|
|
1,759,862 |
|
|
|
1,720,477 |
|
|
|
1,700,550 |
|
|
|
Deposits -
non-interest-bearing |
|
771,556 |
|
|
|
736,180 |
|
|
|
718,015 |
|
|
|
689,214 |
|
|
|
643,492 |
|
|
|
Short-term
borrowings |
|
23,613 |
|
|
|
204,151 |
|
|
|
50,065 |
|
|
|
19,119 |
|
|
|
37,010 |
|
|
|
Long-term FHLB advances
and other borrowings |
|
174,711 |
|
|
|
189,742 |
|
|
|
204,772 |
|
|
|
224,802 |
|
|
|
249,832 |
|
|
|
Subordinated notes |
|
29,546 |
|
|
|
29,532 |
|
|
|
29,518 |
|
|
|
29,505 |
|
|
|
29,491 |
|
|
|
Total liabilities |
|
2,904,522 |
|
|
|
3,040,403 |
|
|
|
2,795,621 |
|
|
|
2,717,623 |
|
|
|
2,693,070 |
|
|
|
Shareholders'
equity |
|
388,095 |
|
|
|
381,127 |
|
|
|
378,459 |
|
|
|
372,467 |
|
|
|
365,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance
Sheet (selected items) |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks |
$ |
39,669 |
|
|
$ |
55,298 |
|
|
$ |
33,532 |
|
|
$ |
44,950 |
|
|
$ |
39,050 |
|
|
|
Investment securities
(AFS, HTM and Trading) |
|
393,306 |
|
|
|
386,658 |
|
|
|
373,616 |
|
|
|
371,153 |
|
|
|
360,957 |
|
|
|
Loans held for
sale |
|
4,238 |
|
|
|
11,591 |
|
|
|
12,887 |
|
|
|
7,844 |
|
|
|
5,481 |
|
|
|
Portfolio loans and
leases |
|
2,551,439 |
|
|
|
2,506,376 |
|
|
|
2,464,085 |
|
|
|
2,404,799 |
|
|
|
2,303,103 |
|
|
|
Total interest-earning
assets |
|
2,988,652 |
|
|
|
2,959,923 |
|
|
|
2,884,120 |
|
|
|
2,828,746 |
|
|
|
2,708,591 |
|
|
|
Goodwill and intangible
assets |
|
124,884 |
|
|
|
125,614 |
|
|
|
126,505 |
|
|
|
127,402 |
|
|
|
128,296 |
|
|
|
Total assets |
|
3,244,060 |
|
|
|
3,215,868 |
|
|
|
3,142,019 |
|
|
|
3,089,953 |
|
|
|
2,973,148 |
|
|
|
Deposits -
interest-bearing |
|
1,852,194 |
|
|
|
1,809,276 |
|
|
|
1,729,689 |
|
|
|
1,717,252 |
|
|
|
1,633,651 |
|
|
|
Short-term
borrowings |
|
47,603 |
|
|
|
40,629 |
|
|
|
40,966 |
|
|
|
32,328 |
|
|
|
34,158 |
|
|
|
Long-term FHLB advances
and other borrowings |
|
182,507 |
|
|
|
198,454 |
|
|
|
218,920 |
|
|
|
236,248 |
|
|
|
250,015 |
|
|
|
Subordinated notes |
|
29,537 |
|
|
|
29,523 |
|
|
|
29,509 |
|
|
|
29,496 |
|
|
|
29,482 |
|
|
|
Total interest-bearing
liabilities |
|
2,111,841 |
|
|
|
2,077,882 |
|
|
|
2,019,084 |
|
|
|
2,015,324 |
|
|
|
1,947,306 |
|
|
|
Total liabilities |
|
2,861,846 |
|
|
|
2,837,825 |
|
|
|
2,769,065 |
|
|
|
2,723,838 |
|
|
|
2,612,276 |
|
|
|
Shareholders'
equity |
|
382,214 |
|
|
|
378,043 |
|
|
|
372,954 |
|
|
|
366,115 |
|
|
|
360,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Statement |
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
27,403 |
|
|
$ |
26,990 |
|
|
$ |
26,717 |
|
|
$ |
26,627 |
|
|
$ |
25,902 |
|
|
|
Provision for loan and
lease losses |
|
291 |
|
|
|
1,059 |
|
|
|
1,412 |
|
|
|
445 |
|
|
|
1,410 |
|
|
|
Noninterest income |
|
13,227 |
|
|
|
13,248 |
|
|
|
13,786 |
|
|
|
13,781 |
|
|
|
13,153 |
|
|
|
Noninterest
expense |
|
26,660 |
|
|
|
25,087 |
|
|
|
25,371 |
|
|
|
26,220 |
|
|
|
24,996 |
|
|
|
Income tax expense
(benefit) |
|
4,635 |
|
|
|
4,684 |
|
|
|
4,346 |
|
|
|
4,810 |
|
|
|
4,328 |
|
|
|
Net income |
|
9,044 |
|
|
|
9,408 |
|
|
|
9,374 |
|
|
|
8,933 |
|
|
|
8,321 |
|
|
|
Basic earnings per
share |
|
0.53 |
|
|
|
0.56 |
|
|
|
0.56 |
|
|
|
0.53 |
|
|
|
0.49 |
|
|
|
Diluted earnings per
share |
|
0.53 |
|
|
|
0.55 |
|
|
|
0.55 |
|
|
|
0.52 |
|
|
|
0.49 |
|
|
|
Net income (core)
(1) |
|
9,375 |
|
|
|
9,402 |
|
|
|
9,392 |
|
|
|
8,961 |
|
|
|
8,331 |
|
|
|
Basic earnings per
share (core) (1) |
|
0.55 |
|
|
|
0.56 |
|
|
|
0.56 |
|
|
|
0.53 |
|
|
|
0.49 |
|
|
|
Diluted earnings per
share (core) (1) |
|
0.55 |
|
|
|
0.55 |
|
|
|
0.55 |
|
|
|
0.53 |
|
|
|
0.49 |
|
|
|
Cash dividends paid per
share |
|
0.21 |
|
|
|
0.21 |
|
|
|
0.21 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
Profitability
Indicators |
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
1.13 |
% |
|
|
1.16 |
% |
|
|
1.19 |
% |
|
|
1.16 |
% |
|
|
1.13 |
% |
|
|
Return on average
equity |
|
9.60 |
% |
|
|
9.90 |
% |
|
|
10.00 |
% |
|
|
9.81 |
% |
|
|
9.27 |
% |
|
|
Return on tangible
equity(1) |
|
14.96 |
% |
|
|
15.68 |
% |
|
|
16.06 |
% |
|
|
16.02 |
% |
|
|
15.39 |
% |
|
|
Tax-equivalent net
interest margin |
|
3.74 |
% |
|
|
3.65 |
% |
|
|
3.71 |
% |
|
|
3.81 |
% |
|
|
3.87 |
% |
|
|
Efficiency
ratio(1) |
|
62.66 |
% |
|
|
60.30 |
% |
|
|
60.41 |
% |
|
|
62.62 |
% |
|
|
61.70 |
% |
|
|
Mortgage
Banking Information |
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
originated |
$ |
48,550 |
|
|
$ |
78,749 |
|
|
$ |
84,885 |
|
|
$ |
64,893 |
|
|
$ |
51,532 |
|
|
|
Residential mortgage
loans sold - servicing retained |
|
27,690 |
|
|
|
44,763 |
|
|
|
40,462 |
|
|
|
26,944 |
|
|
|
25,965 |
|
|
|
Residential mortgage
loans sold - servicing released |
|
4,981 |
|
|
|
4,632 |
|
|
|
10,522 |
|
|
|
5,278 |
|
|
|
2,397 |
|
|
|
Total
residential mortgage loans sold |
$ |
32,671 |
|
|
$ |
49,395 |
|
|
$ |
50,984 |
|
|
$ |
32,222 |
|
|
$ |
28,362 |
|
|
|
Residential mortgage
loans serviced for others |
$ |
638,553 |
|
|
$ |
631,889 |
|
|
$ |
618,134 |
|
|
$ |
610,418 |
|
|
$ |
605,366 |
|
|
|
Share
Data |
|
|
|
|
|
|
|
|
|
|
|
Closing share
price |
$ |
39.50 |
|
|
$ |
42.15 |
|
|
$ |
31.99 |
|
|
$ |
29.20 |
|
|
$ |
25.73 |
|
|
|
Book value per common
share |
$ |
22.87 |
|
|
$ |
22.50 |
|
|
$ |
22.40 |
|
|
$ |
22.14 |
|
|
$ |
21.73 |
|
|
|
Tangible book value per
common share |
$ |
15.53 |
|
|
$ |
15.11 |
|
|
$ |
14.94 |
|
|
$ |
14.60 |
|
|
$ |
14.13 |
|
|
|
Price / book value |
|
172.71 |
% |
|
|
187.34 |
% |
|
|
142.80 |
% |
|
|
131.90 |
% |
|
|
118.38 |
% |
|
|
Price / tangible book
value |
|
254.41 |
% |
|
|
278.96 |
% |
|
|
214.07 |
% |
|
|
200.05 |
% |
|
|
182.10 |
% |
|
|
Weighted average
diluted shares outstanding |
|
17,182,689 |
|
|
|
17,164,675 |
|
|
|
17,072,358 |
|
|
|
17,027,419 |
|
|
|
16,883,364 |
|
|
|
Shares outstanding, end
of period |
|
16,969,451 |
|
|
|
16,939,715 |
|
|
|
16,893,878 |
|
|
|
16,824,564 |
|
|
|
16,801,801 |
|
|
|
Wealth
Management Information: |
|
|
|
|
|
|
|
|
|
|
|
Wealth
assets under mgmt, administration, supervision and brokerage
(2) |
$ |
11,725,460 |
|
|
$ |
11,328,457 |
|
|
$ |
9,969,745 |
|
|
$ |
9,632,521 |
|
|
$ |
9,281,743 |
|
|
|
Fees for wealth
management services |
$ |
9,303 |
|
|
$ |
9,327 |
|
|
$ |
9,100 |
|
|
$ |
9,431 |
|
|
$ |
8,832 |
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Trust
Company |
|
|
|
|
|
|
|
|
|
|
|
Tier I capital to risk
weighted assets ("RWA") |
|
10.58 |
% |
|
|
10.50 |
% |
|
|
10.99 |
% |
|
|
10.94 |
% |
|
|
10.69 |
% |
|
|
Total (Tier II) capital
to RWA |
|
11.25 |
% |
|
|
11.19 |
% |
|
|
11.70 |
% |
|
|
11.65 |
% |
|
|
11.39 |
% |
|
|
Tier I leverage
ratio |
|
8.83 |
% |
|
|
8.73 |
% |
|
|
9.17 |
% |
|
|
9.06 |
% |
|
|
9.15 |
% |
|
|
Tangible equity ratio
(1) |
|
8.46 |
% |
|
|
7.85 |
% |
|
|
8.85 |
% |
|
|
8.79 |
% |
|
|
8.53 |
% |
|
|
Common equity Tier I
capital to RWA |
|
10.58 |
% |
|
|
10.50 |
% |
|
|
10.99 |
% |
|
|
10.94 |
% |
|
|
10.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank
Corporation |
|
|
|
|
|
|
|
|
|
|
|
Tier I capital to
RWA |
|
10.50 |
% |
|
|
10.51 |
% |
|
|
10.42 |
% |
|
|
10.45 |
% |
|
|
10.22 |
% |
|
|
Total (Tier II) capital
to RWA |
|
12.30 |
% |
|
|
12.35 |
% |
|
|
12.30 |
% |
|
|
12.35 |
% |
|
|
12.13 |
% |
|
|
Tier I leverage
ratio |
|
8.77 |
% |
|
|
8.73 |
% |
|
|
8.70 |
% |
|
|
8.65 |
% |
|
|
8.76 |
% |
|
|
Tangible equity ratio
(1) |
|
8.32 |
% |
|
|
7.76 |
% |
|
|
8.28 |
% |
|
|
8.29 |
% |
|
|
8.10 |
% |
|
|
Common equity Tier I
capital to RWA |
|
10.50 |
% |
|
|
10.51 |
% |
|
|
10.42 |
% |
|
|
10.45 |
% |
|
|
10.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan and lease
charge-offs ("NCO"s) |
$ |
670 |
|
|
$ |
1,317 |
|
|
$ |
704 |
|
|
$ |
254 |
|
|
$ |
422 |
|
|
|
Nonperforming loans and
leases ("NPL"s) |
$ |
7,329 |
|
|
$ |
8,363 |
|
|
$ |
9,883 |
|
|
$ |
9,617 |
|
|
$ |
9,636 |
|
|
|
Other real estate owned
("OREO") |
|
978 |
|
|
|
1,017 |
|
|
|
867 |
|
|
|
784 |
|
|
|
756 |
|
|
|
Total
nonperforming assets ("NPA"s) |
$ |
8,307 |
|
|
$ |
9,380 |
|
|
$ |
10,750 |
|
|
$ |
10,401 |
|
|
$ |
10,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and
leases 30 or more days past due |
$ |
5,097 |
|
|
$ |
6,072 |
|
|
$ |
6,684 |
|
|
$ |
5,599 |
|
|
$ |
6,193 |
|
|
|
Performing loans and
leases 30 to 89 days past due |
|
6,077 |
|
|
|
3,062 |
|
|
|
2,537 |
|
|
|
3,564 |
|
|
|
6,296 |
|
|
|
Performing loans and
leases 90 or more days past due |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Total
delinquent loans and leases |
$ |
11,174 |
|
|
$ |
9,134 |
|
|
$ |
9,221 |
|
|
$ |
9,163 |
|
|
$ |
12,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent loans and
leases to total loans and leases |
|
0.44 |
% |
|
|
0.36 |
% |
|
|
0.37 |
% |
|
|
0.38 |
% |
|
|
0.52 |
% |
|
|
Delinquent performing
loans and leases to total loans and leases |
|
0.24 |
% |
|
|
0.12 |
% |
|
|
0.10 |
% |
|
|
0.15 |
% |
|
|
0.26 |
% |
|
|
NCOs / average loans
and leases (annualized) |
|
0.11 |
% |
|
|
0.21 |
% |
|
|
0.11 |
% |
|
|
0.04 |
% |
|
|
0.07 |
% |
|
|
NPLs / total portfolio
loans and leases |
|
0.29 |
% |
|
|
0.33 |
% |
|
|
0.40 |
% |
|
|
0.40 |
% |
|
|
0.41 |
% |
|
|
NPAs / total loans and
leases and OREO |
|
0.32 |
% |
|
|
0.37 |
% |
|
|
0.43 |
% |
|
|
0.43 |
% |
|
|
0.44 |
% |
|
|
NPAs / total
assets |
|
0.25 |
% |
|
|
0.27 |
% |
|
|
0.34 |
% |
|
|
0.34 |
% |
|
|
0.34 |
% |
|
|
ALLL / NPLs |
|
233.42 |
% |
|
|
209.09 |
% |
|
|
179.54 |
% |
|
|
177.14 |
% |
|
|
174.81 |
% |
|
|
ALLL / portfolio
loans |
|
0.67 |
% |
|
|
0.69 |
% |
|
|
0.71 |
% |
|
|
0.70 |
% |
|
|
0.71 |
% |
|
|
ALLL on originated
loans and leases / Originated loans and leases (1) |
|
0.75 |
% |
|
|
0.78 |
% |
|
|
0.81 |
% |
|
|
0.81 |
% |
|
|
0.83 |
% |
|
|
(Total Allowance + Loan
mark) / Total Gross portfolio loans and leases (1) |
|
1.12 |
% |
|
|
1.17 |
% |
|
|
1.24 |
% |
|
|
1.30 |
% |
|
|
1.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings ("TDR"s) included in NPLs |
$ |
2,681 |
|
|
$ |
2,632 |
|
|
$ |
1,680 |
|
|
$ |
1,779 |
|
|
$ |
1,756 |
|
|
|
TDRs in compliance with
modified terms |
|
6,492 |
|
|
|
6,395 |
|
|
|
6,305 |
|
|
|
4,984 |
|
|
|
4,893 |
|
|
|
Total
TDRs |
$ |
9,173 |
|
|
$ |
9,027 |
|
|
$ |
7,985 |
|
|
$ |
6,763 |
|
|
$ |
6,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Non-GAAP measure -
see Appendix for Non-GAAP to GAAP reconciliation. |
|
|
|
|
|
|
|
|
|
|
|
(2)Brokerage assets represent assets held at a registered broker
dealer under a clearing agreement. |
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank
Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
Detailed
Balance Sheets (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
17,457 |
|
|
$ |
16,559 |
|
|
$ |
18,905 |
|
|
$ |
13,710 |
|
|
$ |
15,594 |
|
|
|
|
|
Interest-bearing
deposits with banks |
|
69,978 |
|
|
|
34,206 |
|
|
|
30,118 |
|
|
|
20,481 |
|
|
|
33,954 |
|
|
|
|
|
Cash and cash
equivalents |
|
87,435 |
|
|
|
50,765 |
|
|
|
49,023 |
|
|
|
34,191 |
|
|
|
49,548 |
|
|
|
|
|
Investment securities,
available for sale |
|
391,028 |
|
|
|
566,996 |
|
|
|
366,910 |
|
|
|
365,470 |
|
|
|
365,819 |
|
|
|
|
|
Investment securities,
held to maturity |
|
5,194 |
|
|
|
2,879 |
|
|
|
2,896 |
|
|
|
2,915 |
|
|
|
- |
|
|
|
|
|
Investment securities,
trading |
|
4,138 |
|
|
|
3,888 |
|
|
|
3,702 |
|
|
|
3,521 |
|
|
|
3,642 |
|
|
|
|
|
Loans held for
sale |
|
3,015 |
|
|
|
9,621 |
|
|
|
11,506 |
|
|
|
11,882 |
|
|
|
7,807 |
|
|
|
|
|
Portfolio loans and
leases, originated |
|
2,286,814 |
|
|
|
2,240,987 |
|
|
|
2,176,549 |
|
|
|
2,090,070 |
|
|
|
2,015,683 |
|
|
|
|
|
Portfolio loans and
leases, acquired |
|
268,775 |
|
|
|
294,438 |
|
|
|
316,808 |
|
|
|
333,751 |
|
|
|
363,158 |
|
|
|
|
|
Total portfolio
loans and leases |
|
2,555,589 |
|
|
|
2,535,425 |
|
|
|
2,493,357 |
|
|
|
2,423,821 |
|
|
|
2,378,841 |
|
|
|
|
|
Less: Allowance for
losses on originated loan and leases |
|
(17,069 |
) |
|
|
(17,458 |
) |
|
|
(17,716 |
) |
|
|
(17,008 |
) |
|
|
(16,817 |
) |
|
|
|
|
Less: Allowance for
losses on acquired loan and leases |
|
(38 |
) |
|
|
(28 |
) |
|
|
(28 |
) |
|
|
(28 |
) |
|
|
(28 |
) |
|
|
|
|
Total allowance
for loan and lease losses |
|
(17,107 |
) |
|
|
(17,486 |
) |
|
|
(17,744 |
) |
|
|
(17,036 |
) |
|
|
(16,845 |
) |
|
|
|
|
Net
portfolio loans and leases |
|
2,538,482 |
|
|
|
2,517,939 |
|
|
|
2,475,613 |
|
|
|
2,406,785 |
|
|
|
2,361,996 |
|
|
|
|
|
Premises and
equipment |
|
40,515 |
|
|
|
41,778 |
|
|
|
42,559 |
|
|
|
43,607 |
|
|
|
44,712 |
|
|
|
|
|
Accrued interest
receivable |
|
8,392 |
|
|
|
8,533 |
|
|
|
8,066 |
|
|
|
8,144 |
|
|
|
8,205 |
|
|
|
|
|
Mortgage servicing
rights |
|
5,686 |
|
|
|
5,582 |
|
|
|
4,793 |
|
|
|
4,646 |
|
|
|
5,182 |
|
|
|
|
|
Bank owned life
insurance |
|
39,479 |
|
|
|
39,279 |
|
|
|
39,055 |
|
|
|
38,836 |
|
|
|
38,616 |
|
|
|
|
|
Federal Home Loan Bank
("FHLB") stock |
|
8,505 |
|
|
|
17,305 |
|
|
|
13,185 |
|
|
|
10,618 |
|
|
|
12,142 |
|
|
|
|
|
Goodwill |
|
104,765 |
|
|
|
104,765 |
|
|
|
104,765 |
|
|
|
104,765 |
|
|
|
104,765 |
|
|
|
|
|
Intangible assets |
|
19,864 |
|
|
|
20,405 |
|
|
|
21,235 |
|
|
|
22,123 |
|
|
|
23,012 |
|
|
|
|
|
Other investments |
|
8,716 |
|
|
|
8,627 |
|
|
|
9,121 |
|
|
|
8,722 |
|
|
|
8,487 |
|
|
|
|
|
Other assets |
|
27,403 |
|
|
|
23,168 |
|
|
|
21,651 |
|
|
|
23,865 |
|
|
|
24,314 |
|
|
|
|
|
Total assets |
$ |
3,292,617 |
|
|
$ |
3,421,530 |
|
|
$ |
3,174,080 |
|
|
$ |
3,090,090 |
|
|
$ |
3,058,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
771,556 |
|
|
$ |
736,180 |
|
|
$ |
718,015 |
|
|
$ |
689,214 |
|
|
$ |
643,492 |
|
|
|
|
|
Interest-bearing |
|
1,865,009 |
|
|
|
1,843,495 |
|
|
|
1,759,862 |
|
|
|
1,720,477 |
|
|
|
1,700,550 |
|
|
|
|
|
Total
deposits |
|
2,636,565 |
|
|
|
2,579,675 |
|
|
|
2,477,877 |
|
|
|
2,409,691 |
|
|
|
2,344,042 |
|
|
|
|
|
Short-term
borrowings |
|
23,613 |
|
|
|
204,151 |
|
|
|
50,065 |
|
|
|
19,119 |
|
|
|
37,010 |
|
|
|
|
|
Long-term FHLB advances
and other borrowings |
|
174,711 |
|
|
|
189,742 |
|
|
|
204,772 |
|
|
|
224,802 |
|
|
|
249,832 |
|
|
|
|
|
Subordinated notes |
|
29,546 |
|
|
|
29,532 |
|
|
|
29,518 |
|
|
|
29,505 |
|
|
|
29,491 |
|
|
|
|
|
Accrued interest
payable |
|
2,722 |
|
|
|
2,734 |
|
|
|
1,854 |
|
|
|
1,846 |
|
|
|
1,294 |
|
|
|
|
|
Other liabilities |
|
37,365 |
|
|
|
34,569 |
|
|
|
31,535 |
|
|
|
32,660 |
|
|
|
31,401 |
|
|
|
|
|
Total liabilities |
|
2,904,522 |
|
|
|
3,040,403 |
|
|
|
2,795,621 |
|
|
|
2,717,623 |
|
|
|
2,693,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
21,141 |
|
|
|
21,111 |
|
|
|
21,064 |
|
|
|
20,972 |
|
|
|
20,949 |
|
|
|
|
|
Paid-in capital in
excess of par value |
|
233,910 |
|
|
|
232,806 |
|
|
|
231,398 |
|
|
|
230,298 |
|
|
|
229,432 |
|
|
|
|
|
Less: common stock held
in treasury, at cost |
|
(66,969 |
) |
|
|
(66,950 |
) |
|
|
(66,895 |
) |
|
|
(66,200 |
) |
|
|
(66,140 |
) |
|
|
|
|
Accumulated other
comprehensive income (loss), net of tax |
|
(1,990 |
) |
|
|
(2,409 |
) |
|
|
2,128 |
|
|
|
2,488 |
|
|
|
1,502 |
|
|
|
|
|
Retained earnings |
|
202,003 |
|
|
|
196,569 |
|
|
|
190,764 |
|
|
|
184,909 |
|
|
|
179,434 |
|
|
|
|
|
Total shareholders equity |
|
388,095 |
|
|
|
381,127 |
|
|
|
378,459 |
|
|
|
372,467 |
|
|
|
365,177 |
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
3,292,617 |
|
|
$ |
3,421,530 |
|
|
$ |
3,174,080 |
|
|
$ |
3,090,090 |
|
|
$ |
3,058,247 |
|
|
|
|
|
Bryn Mawr Bank
Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Balance Sheet Information
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Loans and Leases as of |
|
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
|
|
|
Commercial
mortgages |
$ |
1,137,870 |
|
|
$ |
1,110,897 |
|
|
$ |
1,089,621 |
|
|
$ |
1,055,934 |
|
|
$ |
1,044,415 |
|
|
|
|
|
Home equity loans and
lines |
|
203,962 |
|
|
|
208,000 |
|
|
|
206,578 |
|
|
|
202,989 |
|
|
|
205,896 |
|
|
|
|
|
Residential
mortgages |
|
418,264 |
|
|
|
413,540 |
|
|
|
418,408 |
|
|
|
414,863 |
|
|
|
412,006 |
|
|
|
|
|
Construction |
|
145,699 |
|
|
|
141,964 |
|
|
|
133,269 |
|
|
|
133,313 |
|
|
|
119,193 |
|
|
|
|
|
Total real
estate loans |
|
1,905,795 |
|
|
|
1,874,401 |
|
|
|
1,847,876 |
|
|
|
1,807,099 |
|
|
|
1,781,510 |
|
|
|
|
|
Commercial &
Industrial |
|
567,917 |
|
|
|
579,791 |
|
|
|
565,497 |
|
|
|
538,684 |
|
|
|
523,053 |
|
|
|
|
|
Consumer |
|
23,932 |
|
|
|
25,341 |
|
|
|
23,717 |
|
|
|
21,561 |
|
|
|
21,427 |
|
|
|
|
|
Leases |
|
57,945 |
|
|
|
55,892 |
|
|
|
56,267 |
|
|
|
56,477 |
|
|
|
52,851 |
|
|
|
|
|
Total non-real
estate loans and leases |
|
649,794 |
|
|
|
661,024 |
|
|
|
645,481 |
|
|
|
616,722 |
|
|
|
597,331 |
|
|
|
|
|
Total
portfolio loans and leases |
$ |
2,555,589 |
|
|
$ |
2,535,425 |
|
|
$ |
2,493,357 |
|
|
$ |
2,423,821 |
|
|
$ |
2,378,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans and Leases as
of |
|
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
|
|
|
Commercial
mortgages |
$ |
315 |
|
|
$ |
320 |
|
|
$ |
139 |
|
|
$ |
139 |
|
|
$ |
872 |
|
|
|
|
|
Home equity loans and
lines |
|
1,828 |
|
|
|
2,289 |
|
|
|
2,827 |
|
|
|
3,011 |
|
|
|
1,953 |
|
|
|
|
|
Residential
mortgages |
|
2,640 |
|
|
|
2,658 |
|
|
|
2,845 |
|
|
|
2,909 |
|
|
|
2,923 |
|
|
|
|
|
Construction |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12 |
|
|
|
|
|
Total
nonperforming real estate loans |
|
4,783 |
|
|
|
5,267 |
|
|
|
5,811 |
|
|
|
6,059 |
|
|
|
5,760 |
|
|
|
|
|
Commercial &
Industrial |
|
2,471 |
|
|
|
2,957 |
|
|
|
3,960 |
|
|
|
3,457 |
|
|
|
3,822 |
|
|
|
|
|
Consumer |
|
- |
|
|
|
2 |
|
|
|
2 |
|
|
|
4 |
|
|
|
- |
|
|
|
|
|
Leases |
|
75 |
|
|
|
137 |
|
|
|
110 |
|
|
|
97 |
|
|
|
54 |
|
|
|
|
|
Total
nonperforming non-real estate loans and leases |
|
2,546 |
|
|
|
3,096 |
|
|
|
4,072 |
|
|
|
3,558 |
|
|
|
3,876 |
|
|
|
|
|
Total
nonperforming portfolio loans and leases |
$ |
7,329 |
|
|
$ |
8,363 |
|
|
$ |
9,883 |
|
|
$ |
9,617 |
|
|
$ |
9,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loan and Lease Charge-Offs (Recoveries)
for the Three Months Ended |
|
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
|
|
|
Commercial
mortgage |
$ |
(3 |
) |
|
$ |
(51 |
) |
|
$ |
(4 |
) |
|
$ |
(3 |
) |
|
$ |
107 |
|
|
|
|
|
Home equity loans and
lines |
|
438 |
|
|
|
69 |
|
|
|
375 |
|
|
|
11 |
|
|
|
71 |
|
|
|
|
|
Residential |
|
27 |
|
|
|
28 |
|
|
|
2 |
|
|
|
262 |
|
|
|
(35 |
) |
|
|
|
|
Construction |
|
(1 |
) |
|
|
(1 |
) |
|
|
- |
|
|
|
(62 |
) |
|
|
- |
|
|
|
|
|
Total net
charge-offs (recoveries) of real estate loans |
|
461 |
|
|
|
45 |
|
|
|
373 |
|
|
|
208 |
|
|
|
143 |
|
|
|
|
|
Commercial &
Industrial |
|
59 |
|
|
|
1,128 |
|
|
|
95 |
|
|
|
(44 |
) |
|
|
25 |
|
|
|
|
|
Consumer |
|
39 |
|
|
|
42 |
|
|
|
58 |
|
|
|
30 |
|
|
|
20 |
|
|
|
|
|
Leases |
|
111 |
|
|
|
102 |
|
|
|
178 |
|
|
|
60 |
|
|
|
234 |
|
|
|
|
|
Total net
charge-offs of non-real estate loans and leases |
|
209 |
|
|
|
1,272 |
|
|
|
331 |
|
|
|
46 |
|
|
|
279 |
|
|
|
|
|
Total net
charge-offs |
$ |
670 |
|
|
$ |
1,317 |
|
|
$ |
704 |
|
|
$ |
254 |
|
|
$ |
422 |
|
|
|
|
|
Bryn Mawr Bank
Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Balance Sheet Information (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities Available for Sale, at
Fair Value |
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
|
|
U.S. Treasury
securities |
$ |
100 |
|
|
$ |
200,097 |
|
|
$ |
101 |
|
|
$ |
102 |
|
|
$ |
102 |
|
|
|
|
Obligations of the U.S.
Government and agencies |
|
100,476 |
|
|
|
82,198 |
|
|
|
76,598 |
|
|
|
86,134 |
|
|
|
96,080 |
|
|
|
|
State & political
subdivisions - tax-free |
|
30,416 |
|
|
|
33,005 |
|
|
|
36,735 |
|
|
|
39,047 |
|
|
|
39,502 |
|
|
|
|
State & political
subdivisions - taxable |
|
524 |
|
|
|
525 |
|
|
|
529 |
|
|
|
532 |
|
|
|
1,093 |
|
|
|
|
Mortgage-backed
securities |
|
197,420 |
|
|
|
185,951 |
|
|
|
184,919 |
|
|
|
186,354 |
|
|
|
183,127 |
|
|
|
|
Collateralized mortgage
obligations |
|
45,476 |
|
|
|
48,694 |
|
|
|
51,344 |
|
|
|
36,702 |
|
|
|
29,106 |
|
|
|
|
Other debt
securities |
|
1,299 |
|
|
|
1,299 |
|
|
|
1,450 |
|
|
|
1,450 |
|
|
|
1,700 |
|
|
|
|
Bond mutual funds |
|
11,920 |
|
|
|
11,895 |
|
|
|
11,847 |
|
|
|
11,774 |
|
|
|
11,725 |
|
|
|
|
Other investments |
|
3,397 |
|
|
|
3,332 |
|
|
|
3,387 |
|
|
|
3,375 |
|
|
|
3,384 |
|
|
|
|
Total |
$ |
391,028 |
|
|
$ |
566,996 |
|
|
$ |
366,910 |
|
|
$ |
365,470 |
|
|
$ |
365,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized Gain (Loss) on Investment
Securities Available for Sale |
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
|
|
U.S. Treasury
securities |
$ |
- |
|
|
$ |
3 |
|
|
$ |
- |
|
|
$ |
1 |
|
|
$ |
1 |
|
|
|
|
Obligations of the U.S.
Government and agencies |
|
(803 |
) |
|
|
(913 |
) |
|
|
946 |
|
|
|
1,183 |
|
|
|
984 |
|
|
|
|
State & political
subdivisions - tax-free |
|
(10 |
) |
|
|
(96 |
) |
|
|
131 |
|
|
|
240 |
|
|
|
173 |
|
|
|
|
State & political
subdivisions - taxable |
|
1 |
|
|
|
2 |
|
|
|
5 |
|
|
|
8 |
|
|
|
18 |
|
|
|
|
Mortgage-backed
securities |
|
196 |
|
|
|
(47 |
) |
|
|
3,801 |
|
|
|
3,958 |
|
|
|
3,026 |
|
|
|
|
Collateralized mortgage
obligations |
|
(777 |
) |
|
|
(794 |
) |
|
|
253 |
|
|
|
496 |
|
|
|
330 |
|
|
|
|
Other debt
securities |
|
(1 |
) |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
Bond mutual funds |
|
(36 |
) |
|
|
(61 |
) |
|
|
(109 |
) |
|
|
(182 |
) |
|
|
(231 |
) |
|
|
|
Other investments |
|
132 |
|
|
|
13 |
|
|
|
34 |
|
|
|
(66 |
) |
|
|
(155 |
) |
|
|
|
Total |
$ |
(1,298 |
) |
|
$ |
(1,894 |
) |
|
$ |
5,061 |
|
|
$ |
5,638 |
|
|
$ |
4,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
|
|
Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking |
$ |
395,131 |
|
|
$ |
379,424 |
|
|
$ |
333,055 |
|
|
$ |
333,425 |
|
|
$ |
335,240 |
|
|
|
|
Money
market |
|
757,071 |
|
|
|
761,657 |
|
|
|
725,116 |
|
|
|
718,144 |
|
|
|
773,637 |
|
|
|
|
Savings |
|
255,791 |
|
|
|
232,193 |
|
|
|
228,391 |
|
|
|
217,877 |
|
|
|
190,477 |
|
|
|
|
Wholesale
non-maturity deposits |
|
69,471 |
|
|
|
74,272 |
|
|
|
64,664 |
|
|
|
58,690 |
|
|
|
62,454 |
|
|
|
|
Wholesale time
deposits |
|
68,164 |
|
|
|
73,037 |
|
|
|
99,052 |
|
|
|
113,274 |
|
|
|
131,145 |
|
|
|
|
Retail time
deposits |
|
319,381 |
|
|
|
322,912 |
|
|
|
309,584 |
|
|
|
279,067 |
|
|
|
207,597 |
|
|
|
|
Total
interest-bearing deposits |
|
1,865,009 |
|
|
|
1,843,495 |
|
|
|
1,759,862 |
|
|
|
1,720,477 |
|
|
|
1,700,550 |
|
|
|
|
Noninterest-bearing deposits |
|
771,556 |
|
|
|
736,180 |
|
|
|
718,015 |
|
|
|
689,214 |
|
|
|
643,492 |
|
|
|
|
Total deposits |
$ |
2,636,565 |
|
|
$ |
2,579,675 |
|
|
$ |
2,477,877 |
|
|
$ |
2,409,691 |
|
|
$ |
2,344,042 |
|
|
|
|
Bryn Mawr Bank
Corporation |
|
|
|
|
|
|
|
|
|
|
|
Detailed Income
Statements (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
|
Interest
income: |
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans and leases |
$ |
28,482 |
|
|
$ |
28,230 |
|
|
$ |
27,931 |
|
|
$ |
27,679 |
|
|
$ |
26,696 |
|
|
|
Interest on cash and
cash equivalents |
|
66 |
|
|
|
53 |
|
|
|
27 |
|
|
|
42 |
|
|
|
46 |
|
|
|
Interest on investment
securities |
|
1,778 |
|
|
|
1,639 |
|
|
|
1,556 |
|
|
|
1,565 |
|
|
|
1,527 |
|
|
|
Total interest
income |
|
30,326 |
|
|
|
29,922 |
|
|
|
29,514 |
|
|
|
29,286 |
|
|
|
28,269 |
|
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits |
|
1,828 |
|
|
|
1,780 |
|
|
|
1,575 |
|
|
|
1,402 |
|
|
|
1,076 |
|
|
|
Interest on short-term
borrowings |
|
27 |
|
|
|
22 |
|
|
|
34 |
|
|
|
20 |
|
|
|
17 |
|
|
|
Interest on FHLB
advances and other borrowings |
|
698 |
|
|
|
760 |
|
|
|
818 |
|
|
|
867 |
|
|
|
908 |
|
|
|
Interest on
subordinated notes |
|
370 |
|
|
|
370 |
|
|
|
370 |
|
|
|
370 |
|
|
|
366 |
|
|
|
Total interest
expense |
|
2,923 |
|
|
|
2,932 |
|
|
|
2,797 |
|
|
|
2,659 |
|
|
|
2,367 |
|
|
|
Net interest
income |
|
27,403 |
|
|
|
26,990 |
|
|
|
26,717 |
|
|
|
26,627 |
|
|
|
25,902 |
|
|
|
Provision for loan and
lease losses (the "Provision") |
|
291 |
|
|
|
1,059 |
|
|
|
1,412 |
|
|
|
445 |
|
|
|
1,410 |
|
|
|
Net interest
income after Provision |
|
27,112 |
|
|
|
25,931 |
|
|
|
25,305 |
|
|
|
26,182 |
|
|
|
24,492 |
|
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
Fees for wealth
management services |
|
9,303 |
|
|
|
9,327 |
|
|
|
9,100 |
|
|
|
9,431 |
|
|
|
8,832 |
|
|
|
Insurance revenue |
|
763 |
|
|
|
715 |
|
|
|
886 |
|
|
|
845 |
|
|
|
1,276 |
|
|
|
Service charges on
deposits |
|
647 |
|
|
|
688 |
|
|
|
688 |
|
|
|
713 |
|
|
|
702 |
|
|
|
Loan servicing and
other fees |
|
503 |
|
|
|
411 |
|
|
|
497 |
|
|
|
539 |
|
|
|
492 |
|
|
|
Net gain on sale of
loans |
|
629 |
|
|
|
607 |
|
|
|
879 |
|
|
|
857 |
|
|
|
705 |
|
|
|
Net gain (loss) on sale
of investment securities available for sale |
|
1 |
|
|
|
9 |
|
|
|
(28 |
) |
|
|
(43 |
) |
|
|
(15 |
) |
|
|
Net (loss) gain on sale
of other real estate owned |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(76 |
) |
|
|
Dividends on FHLB and
FRB stocks |
|
214 |
|
|
|
309 |
|
|
|
277 |
|
|
|
263 |
|
|
|
214 |
|
|
|
Other operating
income |
|
1,167 |
|
|
|
1,182 |
|
|
|
1,487 |
|
|
|
1,176 |
|
|
|
1,023 |
|
|
|
Total
noninterest income |
|
13,227 |
|
|
|
13,248 |
|
|
|
13,786 |
|
|
|
13,781 |
|
|
|
13,153 |
|
|
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages |
|
12,450 |
|
|
|
11,855 |
|
|
|
11,621 |
|
|
|
12,197 |
|
|
|
11,738 |
|
|
|
Employee
benefits |
|
2,559 |
|
|
|
2,207 |
|
|
|
2,420 |
|
|
|
2,436 |
|
|
|
2,485 |
|
|
|
Occupancy and bank
premises |
|
2,526 |
|
|
|
2,407 |
|
|
|
2,349 |
|
|
|
2,367 |
|
|
|
2,488 |
|
|
|
Furniture, fixtures and
equipment |
|
1,974 |
|
|
|
1,869 |
|
|
|
1,837 |
|
|
|
1,895 |
|
|
|
1,919 |
|
|
|
Advertising |
|
386 |
|
|
|
391 |
|
|
|
334 |
|
|
|
372 |
|
|
|
284 |
|
|
|
Amortization of
intangible assets |
|
693 |
|
|
|
830 |
|
|
|
888 |
|
|
|
889 |
|
|
|
891 |
|
|
|
Impairment (recovery)
of mortgage servicing rights ("MSRs") |
|
3 |
|
|
|
(580 |
) |
|
|
29 |
|
|
|
599 |
|
|
|
83 |
|
|
|
Due diligence,
merger-related and merger integration expenses |
|
511 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Professional fees |
|
711 |
|
|
|
963 |
|
|
|
937 |
|
|
|
946 |
|
|
|
813 |
|
|
|
Pennsylvania bank
shares tax |
|
664 |
|
|
|
(204 |
) |
|
|
675 |
|
|
|
640 |
|
|
|
638 |
|
|
|
Information
technology |
|
874 |
|
|
|
857 |
|
|
|
881 |
|
|
|
875 |
|
|
|
1,048 |
|
|
|
Other operating
expenses |
|
3,309 |
|
|
|
4,492 |
|
|
|
3,400 |
|
|
|
3,004 |
|
|
|
2,609 |
|
|
|
Total
noninterest expense |
|
26,660 |
|
|
|
25,087 |
|
|
|
25,371 |
|
|
|
26,220 |
|
|
|
24,996 |
|
|
|
Income before income
taxes |
|
13,679 |
|
|
|
14,092 |
|
|
|
13,720 |
|
|
|
13,743 |
|
|
|
12,649 |
|
|
|
Income tax expense |
|
4,635 |
|
|
|
4,684 |
|
|
|
4,346 |
|
|
|
4,810 |
|
|
|
4,328 |
|
|
|
Net income |
$ |
9,044 |
|
|
$ |
9,408 |
|
|
$ |
9,374 |
|
|
$ |
8,933 |
|
|
$ |
8,321 |
|
|
|
Per share
data: |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
16,954,132 |
|
|
|
16,916,705 |
|
|
|
16,860,727 |
|
|
|
16,812,219 |
|
|
|
16,848,202 |
|
|
|
Dilutive common
shares |
|
228,557 |
|
|
|
247,970 |
|
|
|
211,631 |
|
|
|
215,200 |
|
|
|
34,991 |
|
|
|
Adjusted weighted
average diluted shares |
|
17,182,689 |
|
|
|
17,164,675 |
|
|
|
17,072,358 |
|
|
|
17,027,419 |
|
|
|
16,883,364 |
|
|
|
Basic earnings (loss)
per common share |
$ |
0.53 |
|
|
$ |
0.56 |
|
|
$ |
0.56 |
|
|
$ |
0.53 |
|
|
$ |
0.49 |
|
|
|
Diluted earnings (loss)
per common share |
$ |
0.53 |
|
|
$ |
0.55 |
|
|
$ |
0.55 |
|
|
$ |
0.52 |
|
|
$ |
0.49 |
|
|
|
Dividend declared per
share |
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
|
Effective tax rate |
|
33.88 |
% |
|
|
33.24 |
% |
|
|
31.68 |
% |
|
|
35.09 |
% |
|
|
34.59 |
% |
|
|
Bryn Mawr Bank Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Equivalent Net Interest Margin
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended |
|
|
|
March 31, 2017 |
December 31, 2016 |
September 30, 2016 |
June 30, 2016 |
March 31, 2016 |
|
(dollars
in thousands) |
|
Average Balance |
Interest Income/ Expense |
Average Rates Earned/ Paid |
Average Balance |
Interest Income/ Expense |
Average Rates Earned/ Paid |
Average Balance |
Interest Income/ Expense |
Average Rates Earned/ Paid |
Average Balance |
Interest Income/ Expense |
Average Rates Earned/ Paid |
Average Balance |
Interest Income/ Expense |
Average Rates Earned/ Paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with other banks |
|
$ |
39,669 |
|
$ |
66 |
|
0.67 |
% |
$ |
55,298 |
|
$ |
53 |
|
0.38 |
% |
$ |
33,532 |
|
$ |
27 |
|
0.32 |
% |
$ |
44,950 |
|
$ |
42 |
|
0.38 |
% |
$ |
39,050 |
|
$ |
46 |
|
0.47 |
% |
|
Investment securities - available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
354,229 |
|
|
1,653 |
|
1.89 |
% |
|
344,931 |
|
|
1,498 |
|
1.73 |
% |
|
329,293 |
|
|
1,423 |
|
1.72 |
% |
|
325,893 |
|
|
1,433 |
|
1.77 |
% |
|
316,353 |
|
|
1,397 |
|
1.78 |
% |
|
Tax-exempt |
|
|
31,485 |
|
|
164 |
|
2.11 |
% |
|
34,985 |
|
|
175 |
|
1.99 |
% |
|
37,893 |
|
|
189 |
|
1.98 |
% |
|
39,193 |
|
|
187 |
|
1.92 |
% |
|
40,658 |
|
|
191 |
|
1.89 |
% |
|
Total investment securities - available for sale |
|
|
385,714 |
|
|
1,817 |
|
1.91 |
% |
|
379,916 |
|
|
1,673 |
|
1.75 |
% |
|
367,186 |
|
|
1,612 |
|
1.75 |
% |
|
365,086 |
|
|
1,620 |
|
1.78 |
% |
|
357,011 |
|
|
1,588 |
|
1.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities - held to maturity |
|
|
3,702 |
|
|
7 |
|
0.77 |
% |
|
2,889 |
|
|
7 |
|
0.96 |
% |
|
2,907 |
|
|
6 |
|
0.82 |
% |
|
2,427 |
|
|
4 |
|
0.66 |
% |
|
- |
|
|
- |
|
|
|
Investment securities - trading |
|
|
3,890 |
|
|
8 |
|
0.83 |
% |
|
3,853 |
|
|
16 |
|
1.65 |
% |
|
3,523 |
|
|
2 |
|
0.23 |
% |
|
3,640 |
|
|
2 |
|
0.22 |
% |
|
3,946 |
|
|
2 |
|
0.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
and leases * |
|
|
2,555,677 |
|
|
28,622 |
|
4.54 |
% |
|
2,517,967 |
|
|
28,354 |
|
4.48 |
% |
|
2,476,972 |
|
|
28,032 |
|
4.50 |
% |
|
2,412,643 |
|
|
27,761 |
|
4.63 |
% |
|
2,308,584 |
|
|
26,778 |
|
4.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets |
|
|
2,988,652 |
|
|
30,520 |
|
4.14 |
% |
|
2,959,923 |
|
|
30,103 |
|
4.05 |
% |
|
2,884,120 |
|
|
29,679 |
|
4.09 |
% |
|
2,828,746 |
|
|
29,429 |
|
4.18 |
% |
|
2,708,591 |
|
|
28,414 |
|
4.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
due from banks |
|
|
14,942 |
|
|
|
|
16,127 |
|
|
|
|
16,228 |
|
|
|
|
16,413 |
|
|
|
|
16,501 |
|
|
|
|
Less:
allowance for loan and lease losses |
|
|
(17,580 |
) |
|
|
|
(17,858 |
) |
|
|
|
(17,257 |
) |
|
|
|
(17,271 |
) |
|
|
|
(16,239 |
) |
|
|
|
Other
assets |
|
|
258,046 |
|
|
|
|
257,676 |
|
|
|
|
258,928 |
|
|
|
|
262,065 |
|
|
|
|
264,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,244,060 |
|
|
|
$ |
3,215,868 |
|
|
|
$ |
3,142,019 |
|
|
|
$ |
3,089,953 |
|
|
|
$ |
2,973,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and market rate deposits |
|
$ |
1,388,561 |
|
$ |
756 |
|
0.22 |
% |
$ |
1,328,577 |
|
$ |
686 |
|
0.21 |
% |
$ |
1,286,404 |
|
$ |
641 |
|
0.20 |
% |
$ |
1,273,964 |
|
$ |
589 |
|
0.19 |
% |
$ |
1,279,630 |
|
$ |
569 |
|
0.18 |
% |
|
Wholesale deposits |
|
|
143,461 |
|
|
317 |
|
0.90 |
% |
|
156,541 |
|
|
319 |
|
0.81 |
% |
|
164,706 |
|
|
327 |
|
0.79 |
% |
|
196,517 |
|
|
361 |
|
0.74 |
% |
|
137,201 |
|
|
233 |
|
0.68 |
% |
|
Retail time deposits |
|
|
320,172 |
|
|
755 |
|
0.96 |
% |
|
324,158 |
|
|
775 |
|
0.95 |
% |
|
278,579 |
|
|
607 |
|
0.87 |
% |
|
246,771 |
|
|
452 |
|
0.74 |
% |
|
216,820 |
|
|
274 |
|
0.51 |
% |
|
Total interest-bearing deposits |
|
|
1,852,194 |
|
|
1,828 |
|
0.40 |
% |
|
1,809,276 |
|
|
1,780 |
|
0.39 |
% |
|
1,729,689 |
|
|
1,575 |
|
0.36 |
% |
|
1,717,252 |
|
|
1,402 |
|
0.33 |
% |
|
1,633,651 |
|
|
1,076 |
|
0.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
47,603 |
|
|
27 |
|
0.23 |
% |
|
40,629 |
|
|
22 |
|
0.22 |
% |
|
40,966 |
|
|
34 |
|
0.33 |
% |
|
32,328 |
|
|
20 |
|
0.25 |
% |
|
34,158 |
|
|
17 |
|
0.20 |
% |
|
Long-term FHLB advances and other borrowings |
|
|
182,507 |
|
|
698 |
|
1.55 |
% |
|
198,454 |
|
|
760 |
|
1.52 |
% |
|
218,920 |
|
|
818 |
|
1.49 |
% |
|
236,248 |
|
|
867 |
|
1.48 |
% |
|
250,015 |
|
|
908 |
|
1.46 |
% |
|
Subordinated notes |
|
|
29,537 |
|
|
370 |
|
5.08 |
% |
|
29,523 |
|
|
370 |
|
4.99 |
% |
|
29,509 |
|
|
370 |
|
4.99 |
% |
|
29,496 |
|
|
370 |
|
5.05 |
% |
|
29,482 |
|
|
366 |
|
4.99 |
% |
|
Total borrowings |
|
|
259,647 |
|
|
1,095 |
|
1.71 |
% |
|
268,606 |
|
|
1,152 |
|
1.71 |
% |
|
289,395 |
|
|
1,222 |
|
1.68 |
% |
|
298,072 |
|
|
1,257 |
|
1.70 |
% |
|
313,655 |
|
|
1,291 |
|
1.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
|
2,111,841 |
|
|
2,923 |
|
0.56 |
% |
|
2,077,882 |
|
|
2,932 |
|
0.56 |
% |
|
2,019,084 |
|
|
2,797 |
|
0.55 |
% |
|
2,015,324 |
|
|
2,659 |
|
0.53 |
% |
|
1,947,306 |
|
|
2,367 |
|
0.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
711,794 |
|
|
|
|
724,465 |
|
|
|
|
716,581 |
|
|
|
|
675,710 |
|
|
|
|
631,047 |
|
|
|
|
Other
liabilities |
|
|
38,211 |
|
|
|
|
35,478 |
|
|
|
|
33,400 |
|
|
|
|
32,804 |
|
|
|
|
33,923 |
|
|
|
|
Total noninterest-bearing liabilities |
|
|
750,005 |
|
|
|
|
759,943 |
|
|
|
|
749,981 |
|
|
|
|
708,514 |
|
|
|
|
664,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
2,861,846 |
|
|
|
|
2,837,825 |
|
|
|
|
2,769,065 |
|
|
|
|
2,723,838 |
|
|
|
|
2,612,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
382,214 |
|
|
|
|
378,043 |
|
|
|
|
372,954 |
|
|
|
|
366,115 |
|
|
|
|
360,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
3,244,060 |
|
|
|
$ |
3,215,868 |
|
|
|
$ |
3,142,019 |
|
|
|
$ |
3,089,953 |
|
|
|
$ |
2,973,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income to earning assets |
|
|
|
4.14 |
% |
|
|
4.05 |
% |
|
|
4.09 |
% |
|
|
4.18 |
% |
|
|
4.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread |
|
|
|
3.58 |
% |
|
|
3.49 |
% |
|
|
3.54 |
% |
|
|
3.65 |
% |
|
|
3.73 |
% |
|
Effect of
noninterest-bearing sources |
|
|
|
0.16 |
% |
|
|
0.16 |
% |
|
|
0.17 |
% |
|
|
0.16 |
% |
|
|
0.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest margin |
|
|
$ |
27,597 |
|
3.74 |
% |
|
$ |
27,171 |
|
3.65 |
% |
|
$ |
26,882 |
|
3.71 |
% |
|
$ |
26,770 |
|
3.81 |
% |
|
$ |
26,047 |
|
3.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent
adjustment |
|
|
$ |
194 |
|
0.02 |
% |
|
$ |
181 |
|
0.02 |
% |
|
$ |
165 |
|
0.02 |
% |
|
$ |
143 |
|
0.02 |
% |
|
$ |
145 |
|
0.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information Regarding Accretion
of Fair Value Marks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income (Expense) Effect |
Effect on Yield or Rate |
|
Interest Income (Expense) Effect |
Effect on Yield or Rate |
|
Interest Income (Expense) Effect |
Effect on Yield or Rate |
|
Interest Income (Expense) Effect |
Effect on Yield or Rate |
|
Interest Income (Expense) Effect |
Effect on Yield or Rate |
|
Loans and leases |
|
|
$ |
726 |
|
0.12 |
% |
|
$ |
742 |
|
0.12 |
% |
|
$ |
578 |
|
0.09 |
% |
|
$ |
1,076 |
|
0.18 |
% |
|
$ |
953 |
|
0.17 |
% |
|
Retail time deposits |
|
|
|
(19 |
) |
-0.02 |
% |
|
|
(19 |
) |
-0.02 |
% |
|
|
(29 |
) |
-0.04 |
% |
|
|
(61 |
) |
-0.10 |
% |
|
|
(110 |
) |
-0.20 |
% |
|
Short-term borrowings |
|
|
|
- |
|
0.00 |
% |
|
|
- |
|
0.00 |
% |
|
|
- |
|
0.00 |
% |
|
|
- |
|
0.00 |
% |
|
|
(12 |
) |
-0.14 |
% |
|
Long-term FHLB advances and other borrowings |
|
|
|
(30 |
) |
-0.07 |
% |
|
|
(30 |
) |
-0.06 |
% |
|
|
(30 |
) |
-0.05 |
% |
|
|
(30 |
) |
-0.05 |
% |
|
|
(30 |
) |
-0.05 |
% |
|
Net interest income from fair value marks |
|
|
$ |
775 |
|
|
|
$ |
791 |
|
|
|
$ |
637 |
|
|
|
$ |
1,167 |
|
|
|
$ |
1,105 |
|
|
|
Purchase accounting effect on tax-equivalent
margin |
|
|
0.11 |
% |
|
|
0.11 |
% |
|
|
0.09 |
% |
|
|
0.17 |
% |
|
|
0.16 |
% |
|
* Average loans and leases include portfolio loans and
leases, and loans held for sale. Non-accrual loans are also
included in the average loan and leases balances. |
|
Bryn Mawr Bank
Corporation |
|
|
|
|
|
|
|
|
|
|
|
Appendix - Non-GAAP to GAAP Reconciliations and Calculation
of Non-GAAP Performance Measures (unaudited) |
|
|
|
|
(dollars in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement on Non-GAAP Measures: The
Corporation believes the presentation of the following non-GAAP
financial measures provides useful supplemental information that is
essential to an investor’s proper understanding of the results of
operations and financial condition of the Corporation. Management
uses non-GAAP financial measures in its analysis of the
Corporation’s performance. These non-GAAP measures should not be
viewed as substitutes for the financial measures determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other
companies. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or For the Three Months Ended |
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
|
Reconciliation
of Net Income to Net Income (core): |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) (a
GAAP measure) |
$ |
9,044 |
|
|
$ |
9,408 |
|
|
$ |
9,374 |
|
|
$ |
8,933 |
|
|
$ |
8,321 |
|
|
|
Less: Tax-effected
non-core noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on
sale of investment securities available for sale |
|
(1 |
) |
|
|
(6 |
) |
|
|
18 |
|
|
|
28 |
|
|
|
10 |
|
|
|
Add: Tax-effected
non-core noninterest expense items: |
|
|
|
|
|
|
|
|
|
|
|
Due diligence,
merger-related and merger integration expenses |
|
332 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Net income
(core) (a non-GAAP measure) |
$ |
9,375 |
|
|
$ |
9,402 |
|
|
$ |
9,392 |
|
|
$ |
8,961 |
|
|
$ |
8,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Basic and Diluted Earnings per Common Share
(core): |
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding |
|
16,954,132 |
|
|
|
16,916,705 |
|
|
|
16,860,727 |
|
|
|
16,812,219 |
|
|
|
16,848,202 |
|
|
|
Dilutive common
shares |
|
228,557 |
|
|
|
247,970 |
|
|
|
211,631 |
|
|
|
215,200 |
|
|
|
35,162 |
|
|
|
Adjusted weighted
average diluted shares |
|
17,182,689 |
|
|
|
17,164,675 |
|
|
|
17,072,358 |
|
|
|
17,027,419 |
|
|
|
16,883,364 |
|
|
|
Basic earnings per
common share (core) (a non-GAAP measure) |
$ |
0.55 |
|
|
$ |
0.56 |
|
|
$ |
0.56 |
|
|
$ |
0.53 |
|
|
$ |
0.49 |
|
|
|
Diluted earnings per
common share (core) (a non-GAAP measure) |
$ |
0.55 |
|
|
$ |
0.55 |
|
|
$ |
0.55 |
|
|
$ |
0.53 |
|
|
$ |
0.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Return on Average Tangible Equity: |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
9,044 |
|
|
$ |
9,408 |
|
|
$ |
9,374 |
|
|
$ |
8,933 |
|
|
$ |
8,321 |
|
|
|
Add: Tax-effected
amortization and impairment of intangible assets |
|
450 |
|
|
|
540 |
|
|
|
577 |
|
|
|
578 |
|
|
|
579 |
|
|
|
Net tangible income
(numerator) |
$ |
9,494 |
|
|
$ |
9,948 |
|
|
$ |
9,951 |
|
|
$ |
9,511 |
|
|
$ |
8,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity |
$ |
382,214 |
|
|
$ |
378,043 |
|
|
$ |
372,954 |
|
|
$ |
366,115 |
|
|
$ |
360,872 |
|
|
|
Less: Average goodwill
and intangible assets |
|
(124,884 |
) |
|
|
(125,614 |
) |
|
|
(126,505 |
) |
|
|
(127,402 |
) |
|
|
(128,296 |
) |
|
|
Net average tangible
equity (denominator) |
$ |
257,330 |
|
|
$ |
252,429 |
|
|
$ |
246,449 |
|
|
$ |
238,713 |
|
|
$ |
232,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
tangible equity (a non-GAAP measure) |
|
14.96 |
% |
|
|
15.68 |
% |
|
|
16.06 |
% |
|
|
16.02 |
% |
|
|
15.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Tangible Equity Ratio: |
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity |
$ |
388,095 |
|
|
$ |
381,127 |
|
|
$ |
378,459 |
|
|
$ |
372,467 |
|
|
$ |
365,177 |
|
|
|
Less: Goodwill and
intangible assets |
|
(124,629 |
) |
|
|
(125,170 |
) |
|
|
(126,000 |
) |
|
|
(126,888 |
) |
|
|
(127,777 |
) |
|
|
Net tangible equity
(numerator) |
$ |
263,466 |
|
|
$ |
255,957 |
|
|
$ |
252,459 |
|
|
$ |
245,579 |
|
|
$ |
237,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
3,292,617 |
|
|
$ |
3,421,530 |
|
|
$ |
3,174,080 |
|
|
$ |
3,090,090 |
|
|
$ |
3,058,247 |
|
|
|
Less: Goodwill and
intangible assets |
|
(124,629 |
) |
|
|
(125,170 |
) |
|
|
(126,000 |
) |
|
|
(126,888 |
) |
|
|
(127,777 |
) |
|
|
Tangible assets
(denominator) |
$ |
3,167,988 |
|
|
$ |
3,296,360 |
|
|
$ |
3,048,080 |
|
|
$ |
2,963,202 |
|
|
$ |
2,930,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity
ratio |
|
8.32 |
% |
|
|
7.76 |
% |
|
|
8.28 |
% |
|
|
8.29 |
% |
|
|
8.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Efficiency Ratio: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense |
$ |
26,660 |
|
|
$ |
25,087 |
|
|
$ |
25,371 |
|
|
$ |
26,220 |
|
|
$ |
24,996 |
|
|
|
Less: certain
noninterest expense items*: |
|
|
|
|
|
|
|
|
|
|
|
Loss on pension
termination |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Severance
expense (Salaries and wages) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Branch lease
termination expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Debt and swap
prepayment penalty (Other operating expenses) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Amortization of
intangibles |
|
(693 |
) |
|
|
(830 |
) |
|
|
(888 |
) |
|
|
(889 |
) |
|
|
(891 |
) |
|
|
Impairment of
intangible assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Due diligence,
merger-related and merger integration expenses |
|
(511 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Noninterest expense
(adjusted) (numerator) |
$ |
25,456 |
|
|
$ |
24,257 |
|
|
$ |
24,483 |
|
|
$ |
25,331 |
|
|
$ |
24,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
$ |
13,227 |
|
|
$ |
13,248 |
|
|
$ |
13,786 |
|
|
$ |
13,781 |
|
|
$ |
13,153 |
|
|
|
Less: non-core
noninterest income items: |
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on
sale of investment securities available for sale |
|
(2 |
) |
|
|
(9 |
) |
|
|
28 |
|
|
|
43 |
|
|
|
15 |
|
|
|
Noninterest income
(core) |
$ |
13,225 |
|
|
$ |
13,239 |
|
|
$ |
13,814 |
|
|
$ |
13,824 |
|
|
$ |
13,168 |
|
|
|
Net interest
income |
|
27,403 |
|
|
|
26,990 |
|
|
|
26,717 |
|
|
|
26,627 |
|
|
|
25,902 |
|
|
|
Noninterest income
(core) and net interest income (denominator) |
$ |
40,628 |
|
|
$ |
40,229 |
|
|
$ |
40,531 |
|
|
$ |
40,451 |
|
|
$ |
39,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
62.66 |
% |
|
|
60.30 |
% |
|
|
60.41 |
% |
|
|
62.62 |
% |
|
|
61.70 |
% |
|
|
* In
calculating the Corporation's efficiency ratio, which is used by
Management to identify the cost of generating each dollar of core
revenue, certain non-core income and expense items as well as the
amortization of intangible assets, are excluded. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Loan and Allowance Information Used to
Calculate Non-GAAP Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Allowance |
$ |
17,107 |
|
|
$ |
17,486 |
|
|
$ |
17,744 |
|
|
$ |
17,036 |
|
|
$ |
16,845 |
|
|
|
less: Allowance on
acquired loans |
|
38 |
|
|
|
28 |
|
|
|
28 |
|
|
|
28 |
|
|
|
28 |
|
|
|
Allowance on originated
loans and leases |
$ |
17,069 |
|
|
$ |
17,458 |
|
|
$ |
17,716 |
|
|
$ |
17,008 |
|
|
$ |
16,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Allowance |
$ |
17,107 |
|
|
$ |
17,486 |
|
|
$ |
17,744 |
|
|
$ |
17,036 |
|
|
$ |
16,845 |
|
|
|
Loan mark on acquired
loans |
|
11,544 |
|
|
|
12,286 |
|
|
|
13,391 |
|
|
|
14,566 |
|
|
|
15,930 |
|
|
|
Total Allowance + Loan
mark |
$ |
28,651 |
|
|
$ |
29,772 |
|
|
$ |
31,135 |
|
|
$ |
31,602 |
|
|
$ |
32,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio loans
and leases |
$ |
2,555,589 |
|
|
$ |
2,535,425 |
|
|
$ |
2,493,357 |
|
|
$ |
2,423,821 |
|
|
$ |
2,378,841 |
|
|
|
less: Originated loans
and leases |
|
2,286,814 |
|
|
|
2,240,987 |
|
|
|
2,176,549 |
|
|
|
2,090,070 |
|
|
|
2,015,683 |
|
|
|
Net acquired loans |
$ |
268,775 |
|
|
$ |
294,438 |
|
|
$ |
316,808 |
|
|
$ |
333,751 |
|
|
$ |
363,158 |
|
|
|
add: Loan mark on
acquired loans |
|
11,544 |
|
|
|
12,286 |
|
|
|
13,391 |
|
|
|
14,566 |
|
|
|
15,930 |
|
|
|
Gross acquired loans
(excludes loan mark) |
$ |
280,319 |
|
|
$ |
306,724 |
|
|
$ |
330,199 |
|
|
$ |
348,317 |
|
|
$ |
379,088 |
|
|
|
Originated loans and
leases |
|
2,286,814 |
|
|
|
2,240,987 |
|
|
|
2,176,549 |
|
|
|
2,090,070 |
|
|
|
2,015,683 |
|
|
|
Total Gross portfolio
loans and leases |
$ |
2,567,133 |
|
|
$ |
2,547,711 |
|
|
$ |
2,506,748 |
|
|
$ |
2,438,387 |
|
|
$ |
2,394,771 |
|
|
|
FOR MORE INFORMATION CONTACT:
Frank Leto, President, CEO
610-581-4730
Mike Harrington, CFO
610-526-2466
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